Landmark Group founder Micky Jagtiani – who once worked as a London cab driver – topped the list with an estimated wealth of $4.5bn. Jagtiani took pole position ahead of food magnate Feroz Allana on $4.3bn, with legendary Dubai-based investor Ragu Kataria third on $2.5bn. The top five was completed with EMKE Group’s Yussuf Ali on $2.2bn, and BR Shetty on $1.9bn.

The top 50 between them are worth $40.2bn, with the average wealth of the top 50 came in at $1.57bn.

Arabian Business editor Ed Attwood said: “The contribution and success of the Indian community in this region is nothing short of remarkable, and our list fully reflects that. What is fascinating is many people on the list - such as Micky Jagtiani and Yussuf Ali - are self made, starting with absolutely nothing. Their stories are an inspiration to all of us.”